Tax form filling and saving tax

  1. Form 15G is to be submitted by customers less than 60 years of age and Form15H is to be submitted by customers who are 60 years or above.
  2. As per CBDT circular no. 03/11, in the absence of PAN, form15G/H  and other exemption certificates submitted will be invalid and penal TDS will be applicable.
  3. Form 15G/H helps customers to avail exemption from TDS on interest earned on fixed deposits and Recurring deposits in a financial year.

form filling and saving tax

4. The maximum interest not charged to tax during the financial year where form 15G/H is submitted is as below:

  • Upto 2,50,5000/-for residents of India below the age of 60 years or a person (not being a company or firm.
  • Upto 5,00,000 for senior citizen residents of India who is 60 years or more at any time during the FY.

5. A fresh form 15 G/H to be submitted in each financial year by the start of every financial year. For every future deposit being booked within the financial year customer’s will need to submit form 15 G/H for TDS waiver.

6. The tax which is already deducted is not refunded back and has to be claimed from Income Tax Department.

7. Form 15G and 15H is not applicable to NRI customers.


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